Peru Economic Activity Slows Further in June

Peru’s economy expanded 1.75% year-on-year in June 2026, easing slightly from 1.8% in May and marking the weakest growth since November 2025. Fishing recorded the steepest contraction, plunging 51.9% after a 73.1% decline in the previous month, as warmer surface waters linked to the El Niño phenomenon pushed fish into deeper waters. In turn, agriculture also weakened, falling 8.1% after a 0.1% increase. Growth in mining and hydrocarbons reversed to a 2.2% contraction from a 2.6% gain, while the decline in manufacturing narrowed to 6.2% from 10.7%. Offsetting some of the weakness, growth accelerated in commerce (7.8% vs 6.9%), construction (9% vs 4.7%) and utilities (6.8% vs 5.2%). In the first half of 2026, the economy expanded 3.05%, while growth over the 12 months through June reached 3.33%.

Peru's economy expanded 1.8% year-on-year in May 2026, marking its slowest growth since November 2025, down sharply from 3.73% in April and well below market expectations of 3.2%. Fishing recorded the steepest contraction, plunging 73.1% after a 1.7% increase in the previous month, as warmer surface waters pushed fish into deeper areas due to the El Niño phenomenon. Manufacturing also declined 10.7%, reversing a 2.2% gain in April. Growth further slowed in commerce (6.9% vs. 7.3%), construction (4.7% vs. 12.9%) and public administration (3.7% vs. 4.1%). Offsetting part of the weakness, mining and hydrocarbons returned to growth (2.6% vs. -3.24%), while agriculture edged up 0.1% after a 1.6% decline. In the first five months of 2026, the economy expanded 3.2% from a year earlier, while growth over the 12 months through May stood at 3.54%.

Peru's economy expanded 3.73% year-on-year in April 2026, marking the highest level in five months, accelerating from 3.21% in the previous month and well above market expectations of 3.55% growth. Economic activity was supported by broad-based gains across several sectors, particularly manufacturing (2.17%), commerce (7.31%), construction (12.88%), transport (1.44%), public administration and defense (4.08%), services (3.27%), financial services (1.01%), restaurants and hotels (4.48%), communications (1.03%), utilities (4.68%) and fishing (1.68%). In contrast, mining and hydrocarbons contracted 3.24%, while agricultural activity declined 1.64%, partially offsetting the gains recorded in other sectors. For the January–April 2026 period, Peru's economy grew 3.58% compared with the same period a year earlier. Over the twelve months through April 2026, economic activity expanded 3.59%.